Dealmaker: Hunt Mortgage Group Provides $15M Bridge Loan

Hunt Mortgage Group, New York provided a $14.75 million first mortgage bridge loan to refinance Silver Leaf Villas, a Fort Worth, Texas mixed-income multifamily property.

Hunt Senior Managing Director and Head of Affordable Lending Paul Weissman arranged the 12-month floating-rate loan, which included two six-month extension options. 

Borrower Atlantic Housing Foundation, a 501(c)(3) nonprofit organization headquartered in Dallas, acquired the 2000-vintage property in December 2003. The 176-unit garden-style community sits 10 miles east of Fort Worth’s central business district. 

Atlantic Housing Foundation President and CEO Michael Nguyen said the loan closed within 60 days of entering into a term sheet. 

Hunt also provided an $11.3 million Fannie Mae loan on Broadway at East Atlanta, a garden-style multifamily community in Atlanta. Constructed in 1967, the 176-unit property underwent a renovation in 2014 and 2015.

“The borrower is a seasoned commercial real estate and multifamily investor/developer,” said Hunt Mortgage Group Director Charlie Cole. “Broadway at East Atlanta was recently renovated and is in good condition.” 

Cole structured the transaction with a 7/6 adjustable-rate mortgage with one-year lockout, 1 percent yield maintenance after that period and a 30-year amortization schedule. He said one challenge was that the loan needed to close in 45 days and an extension was not an option.

The DeKalb County property is seven miles from downtown Atlanta and 14 miles from Hartsfield-Jackson Atlanta International Airport.